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Yes you can using SSL channels. Take a look on this article
http://msdn.microsoft.com/en-us/magazine/cc300447.aspx
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Is there a way I protect my application data from being accessed by another privileged application?
(Encryption is not the answer to this question, I dont want any other application to be able to tamper with the data either). Also, is the memory of the application protected?
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Yes you can access any mobile application if you have the privilege. the .Net remoting is the perfect tool for that
http://www.c-sharpcorner.com/Articles/ArticleListing.aspx?SectionID=1&SubSectionID=70